AI Summary of Guidelines issued under section 210(1) of the National Asset Management Agency Act, 2009 regarding lending practices and procedures and relating to the review of decisions of participating institutions to refuse credit facilities [S.I. No. 127 of 2010]
These Guidelines (S.I. No.127/2010) made under section 210 of the National Asset Management Agency Act 2009 establish a Credit Reviewer process to encourage credit to viable borrowers. Definitions cover credit facilities, borrowers and SMEs (fewer than 250 employees, €50m turnover or €43m balance sheet). SMEs may seek review of refusals or restructurings, subject to exclusions (State aid grounds, requests >€250,000, facilities €1,000 or decisions notified prior to the Guidelines). A failure to decide within 15 working days or terms so onerous as to be a practical refusal qualify for review.
The Reviewer conducts an informal, investigative and expedited review. Applicants must exhaust internal appeals and apply within 10 working days, paying a fee (€100 or €1 per €1,000 requested, max €250). The Reviewer may recommend grant, uphold refusal or propose other remedies; institutions must comply or give prescribed reasons. The Reviewer may obtain information, appoint experts, analyse outcomes for the Minister and allocate costs among participating institutions. Access to the Financial Services Ombudsman is preserved.